[ncis121]

Beginning assets were $719,000, beginning equity was $234,500, revenue for the year was $542,000, common stock issued during the year totaled $358,000, expenses for the year were $401,500, ending equity is $770,000, and ending assets were $991,500. What are the ending liabilities for the year?

[Cat1864]

While we are happy to give guidance and help, we need to see your work or have you explain where you are having problems.

Thank you.

[pready]

Just use the basic accounting equation, which is: Assets = Liabilities + Owners Equity.

Since you know the ending assets and ending liabilities you can solve for ending Liabilities be rearranging the formula to: Ending Liabilites = Ending Assets - Ending Equity.